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The MarketWatch News Department was not involved in the creation of this content. Jan 08, 2021 (Heraldkeepers) — Market Highlights Downhole cables are used extensively in the oil & gas industry as their unique construction of downhole cables market allows them to be used in harsh environments. These cables are used mainly for data transmission. Generally, these cables find applications in oil wells, pipelines, and underwater areas where they are used to drive centrifugal pumps. The increasing exploration & production of oil and gas and technical developments in drilling activities are expected to drive the market for downhole cables during the forecast period. According to the BP Statistical Review of World Energy 2019, the global oil production grew from 92,502 thousand barrel per day (TBPD) in 2017 to 94,718 TBPD in 2018; the global natural gas production grew from 3,677.7 billion cubic meter (BCM) in 2017 to 3,867.9 BCM in 2018. The growth in production of oil and gas can be attributed to the improving global economic conditions. There has been a dependence on natural gas for electricity generation by the electricity generation companies worldwide due to its higher output and lower emissions than coal and diesel-powered plants. Also, […]
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